( ) -q-19- UNDATED (Correspondent Jeremy House) “to stay afloat.” Red Lobster has filed for Chapter 11 bankruptcy protection shortly after closing some of its restaurants. [CutID: <Cuts> RED-LOBSTER-BANKRUPTCY-house-q-MONam.mp3 Time: 19s Title: RED-LOBSTER-BANKRUPTCY-house-q-MONam Out-cue: to stay afloat] TAG: Correspondent Jeremy House reporting. ————————– VERBATIM: Red Lobster has been struggling for some time, with lease and […]
Audio
Red Lobster seeks bankruptcy protection days after closing dozens of restaurants
( ) -q-19- UNDATED (Correspondent Jeremy House) “to stay afloat.”
Red Lobster has filed for Chapter 11 bankruptcy protection shortly after closing some of its restaurants.
[CutID: <Cuts> RED-LOBSTER-BANKRUPTCY-house-q-MONam.mp3
Time: 19s
Title: RED-LOBSTER-BANKRUPTCY-house-q-MONam
Out-cue: to stay afloat]
TAG: Correspondent Jeremy House reporting.
————————–
VERBATIM: Red Lobster has been struggling for some time, with lease and labor costs piling up in recent years. The company said it had more than $1 billion in debt and less than $30 million in cash on hand. It plans to sell its business to its lenders, and in turn, it will receive financing to stay afloat.